Money Market Account
What is a Money Market Account? It’s an account that allows you to earn higher interest rates while still being able to make 6 pre-authorized or automatic withdrawals per calendar month.
- An initial deposit of $1,000.00 is required
- An average daily balance of $2,500 must be maintained to avoid a fee. If not, a fee will be charged according to JMCU rate & Fee Schedule.
- Dividends are accrued and credited monthly. If average daily balance is not maintained for the statement period, dividends will not accrue for that period.
- Under Regulation D – this account is only permitted up to 6 pre-authorized or automatic withdrawals, telephone transfers, or transfers initiated by personal computer to another account at the same credit union or to a third party during a calendar month or statement cycle.
- No more than 3 of these 6 transfers can be made by share draft, draft, debit card or similar order and payable to third parties.
- Unlimited transfers/withdrawals, if done in person, at an ATM, by mail, by messenger or by a telephone call that results in a share draft or check being mailed to the member.